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Brussels, 23 April 1999

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Deutsche Bank AG, based in Frankfurt am Main, and Bankers Trust Corporation, based in New York, are active in all areas of banking and provide financial and other services. According to the terms of the merger agreement, Deutsche Bank's subsidiary, Circle Acquisition Corporation (CAC), will take over all Bankers Trust's ordinary shares, effectively making Bankers Trust a wholly-owned subsidiary of Deutsche Bank. In the EEA both companies are active in retail and wholesale banking, investment banking, currency markets and securities. As Bankers Trust is not a major player in retail banking and lending, Deutsche Bank's market share in these areas will not increase greatly. In investment banking Deutsche Bank moves up from sixteenth to fifteenth place in the EEA table. Both markets are fragmented and the new company will still face keen international competition. This is also true of the international securities and payment transactions markets. For these reasons the Commission has approved the merger, which must also be examined by the US Federal Reserve Board and the US Department of Justice.